Allianz's combination with Dresdner reshaped the financial industry in Germany by simplifying decades-old cross-holdings among four blue-chip groups: Allianz, Dresdner, Bayerische Hypo & Vereinsbank (Hypo Vereinsbank) and Muenchener Rueckversicherungs-Gesellschaft (Munich Re). By combining with Dresdner, Allianz reduced its interest in Munich Re and eliminated its stake in Hypo Vereinsbank, while at the same time acquiring 96.4% ownership of Dresdner Bank, in which it already had a 21% interest. The merger between two of Germany's financial leaders is an early example of the wave of consolidation that may occur over the next few years.

"Goldman Sachs drew resources from its research, capital markets, investment banking and financial industry groups. The sensitivity of the transactions required a great deal of trust that could be generated only from long-standing relationships and a very strong knowledge of the German market—qualities that the Goldman Sachs team demonstrated consistently throughout the process."

Prof. Dr. Bernd Fahrholz
Chief Executive Officer
Dresdner Bank